One of the most difficult things about buying a home is deciding on an offer price. Our team are experts when it comes to deciding on a price. We take all information into consideration when we carefully choose our recommended price, but ultimately it is the sellers choice as to the final price decision.
Here are a few things you can ask yourself to help you decide on a fair offer price.
1. Stay calm and do not let the seller pressure you.
2. Check the recent market comparables for that area and look for what similar homes have sold for and why. How long did they take to sell. Ask your realtor to look beyond the comparables to find anything else that would better enable you to present and justify your offer.
3. How long has the house been on the market and why.
4. What is the condition of the home in comparison to others you have looked at in that area. If it is a fixer upper it may not qualify for certain financing.
5. What upgrades have or have not been done to the home. This will tell you what money you will or won’t have to spend later.
6. Look over the home disclosure very carefully for anything you may have missed initially.
7. How many other people are looking at the home and are there any other serious contenders. If there is competition for the home, you may want to consider offering the asking price or more just to secure the bid. Ask your agent to find out if there is any competition for that home and how serious the buyers are.
8. How badly do you want this home. If you have been looking for a suitable home for a while and have not found what you are looking for until now, don’t waste too much time trying to barter over a what will amount to a few dollars in the long run. You don’t want to risk losing the home to another buyer who slightly outbids you.
9. Set a max price offer ahead of time and stick to it.
10. Decide what you can comfortably afford. Allow for life events such as repairs and maintenance and potentially losing your job etc.
Thanks for Reading,
The Inman Team